FAQ: Payment account definition is a CSSF FAQ, published 3 June 2020.
\nRelevant for: AISPs, Credit institutions, E-money institutions, Payment institutions, Payment institutions/electronic money institutions/AISPs.
\nKeywords: Electronic money activity, Payment Service Provider (PSP), Payment services.
\nQ&A Payment account definition 3 June 2020
\nQuestions and answers in relation to the definition of payment account in accordance with the Law of 10 November 2009 on payment services / 3 June 2020 Preliminary remarks: The following Questions and Answers (“Q&A”) only cover the notion of payment accounts and consequences of such a definition/classification under the Law of 10 November 2009 on payment services. The Q&A are therefore addressed to all payment service providers and electronic money institutions that offer payment accounts and are established in Luxembourg. This document will be updated when necessary and the CSSF reserves the right to adapt its approach to any matter covered by the Q&A at any time. You should regularly check the website of the CSSF in relation to any matter of importance to you to see if questions have been added and/or positions have been adapted. The present Q&A are to be read in conjunction with the questions and answers the European Commission and/or the European Banking Authority (EBA) have published with respect to the application of the PSD2.
\nAbbreviations
\nAIS - Account information services AISP - Account information service provider ASPSP - Account servicing payment service provider EMI - Electronic money institution Deposit Guarantee Schemes Directive - Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes Law - The Law of 10 November 2009 on payment services Law of 1993 - The Law of 5 April 1993 on the financial sector PI - Payment institution PIS - Payment initiation services PSD2 - Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market PISP - Payment initiation service provider PSP - Payment service provider PSU - Payment service user RTS on SCA & CSC - Commission Delegated Regulation (EU) 2018/389 of 27 November 2017 supplementing Directive (EU) 2015/2366 of the European Parliament and of the Council with regard to regulatory technical standards for strong customer authentication and common and secure open standards of communication
\nFAQ PAYMENT ACCOUNT DEFINITION
\nQUESTION 1. Which type of accounts are qualified as payment accounts in accordance with the Law? Published on 3 June 2020
\nA payment account is defined in point (5) of Article 1 of the Law as “an account held in the name of one or more PSUs which is used for the execution of payment transactions”. A payment transaction is defined in point (31) of Article 1 of the Law as “an act, initiated by the payer or on his behalf or by the payee, of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the payer and the payee”. Based on these definitions, the fundamental use of such account, rather than its denomination, shall be assessed to determine whether an account shall be considered as a payment account for the purpose of the requirements of the Law. As soon as the account can be used for the execution of payment transactions (i.e. placing, transferring or withdrawing funds), it should be considered as payment account within the meaning of the Law and the PSD2. As a result, many different types of accounts can fall within the scope of this definition: ꟷ current accounts which enable the PSU to place, transfer and withdraw funds; ꟷ credit card accounts to which a credit card is attached and which enable, by way of the credit card, the PSU to place, transfer or withdraw funds; ꟷ e-money accounts enabling the PSU to place, transfer or withdraw funds (cf. Q3). It is also worth noting that the above-mentioned accounts are payment accounts irrespective of whether or not they are accessible online, as the online accessibility is only relevant in order to determine any obligation to comply with the RTS on SCA & CSC (cf. Q6 and Q7).
\nThe text above is the opening of the document; the PDF carries the whole.
\nDocument page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.
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